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Fixing Your Tax Return: 1040X

This post was updated in April 2018 If you’ve already filed your 2017 tax return, and you realize you’ve made a mistake, don’t panic. The IRS created Form 1040X just for situations like this. If you accidentally neglected to report all of your income or you didn’t claim a credit, you can file an amended...Read More

Corporate Tax Returns: Form 1120S

Form 1120S is specifically designed for S corporations. In general, S corporations do not pay any federal income taxes. Instead, the corporation’s income or losses are divided among, and passed through, to its shareholders. The shareholders must then report the income or loss on their own individual income tax returns. Just as a 1040 form is...Read More

Reporting Your Income: Form 1040

The IRS 1040 form is the most common form filled out by American tax payers. The 1040 form is where you’ll calculate and report your “Adjusted Gross Income” or AGI. You’ll include all the money you earned (in all its different forms) throughout the year, such as wages and salary, tips, interest, dividends, taxable state and...Read More